Taxation reforms introduced by the Commonwealth Government, in agreement with the States, from 1 July 2000 as part of 'A new Tax System' include the introduction of the Goods and Services Tax (GST). In conjunction with the introduction of the GST, the Commonwealth has ceased its wholesale sales tax, and its collection of the franchise taxes on liquor, tobacco and petroleum products on behalf of the States under the so-called safety net tax arrangements. The States have ceased bed taxes, financial institutions duty, stamp duties on marketable securities, and have adjusted their gambling taxes to take account of the impact of the GST on gambling operators. State debit taxes are to be phased out by 1 July 2005.